I cannot get my transactions correct on the GJ, to ledger to the AR & AP sub and then onto the WS, statement and TB.

JW's Lock & Key is owned and operated by Jake Walters and is located in Odessa, TX. Jake is a locksmith and provides locksmith services and has a store that sells everything from keys to safes. You have just been hired as the accountant as of December 1, 2020. Required 1. The general ledger contains the current balances for all accounts as of November 30, 2020. The subsidiary ledgers for A/R and A/P also contain the current balances as of November 30, 2020. Review the information in these accounts before beginning the project. Do NOT delete these balances. You need them. 2. Journalize the December transactions in the general journal. Descriptions are not required. Be sure that the account names used are the same as on the Chart of Accounts tab and the customer or vendor name are included in AR & AP transactions (ex: A/P - Brinks Co.). Also, be sure to indent credit entries and note the account numbers in the Post Reference column. 3. Post daily to the Accounts Receivable Subsidiary Ledger and the Accounts Payable Subsidiary Ledger. Place a checkmark in the Post Reference column of the General Ledger next to the GL account number; i.e. 2017. The checkmark denotes that you have posted to the Subsidiary Ledger account. On December 31, post to the General Ledger. 4. Prepare an Unadjusted Trial Balance, using the worksheet. Complete the worksheet using the following adjustment information for December: Office supplies on hand on December 31 are $1,338. A physical count of inventory showed an ending inventory cost of $44,500. Recorded depreciation on equipment for the month, $4,200. Insurance expired during December is $300. Earned $2,457 worth of the unearned service revenue. Sales refunds estimated for the year $10,000 Cost of estimated returns for the year $2,000 5. Journalize and post the ADJUSTING entries in the GJ, Ledger and subsidiary ledgers. 6. Journalize and post the CLOSING entries in the GJ, Ledger and subsidiary ledgers. 7. Prepare JW's Lock & Key's financial statements for the year ended December 31, 2020. The breakouts on the Chart of Accounts may help categorizing and making sure all accounts are used on the financial statements. Additionally, please ensure to use the proper formatting indentation, underlines, $ signs, etc.) Note: Jake Walter's Capital at December 1, 2020 was $262,643. 8. Prepare a Post-Closing Trial Balance. Check Figures: Unadjusted Trial Balance: 911,822 Cash Account Balance: 168,891 Net Income (Loss): 205,092 9. Be sure that all entries, the worksheet, financial statements and the post-closing trial balance have been dated. Instructions Transactions Chart of Accounts G] Ledger AR sub AP sub WS Fin Statements Post-Closing TB + JW's Lock & Key had the follow ing transactions in December. Dec. 1 Paid December's rent, check #6287, $2,175. 2 Paid annual premiums on property and casualty insurance policies, check # 6288, $1,967. 3 Performed locksmith services on new house, sent invoice # 601 to the homeowner, Sam Mason, $2,200. 4 Issued Invoice #602 to Hastings who purchased a new safe on account, $3,700. Cost of Merchandise Sold was $1,250 5 Purchased office supplies, check # 6289, $620. 6 Purchased inventory from Key Supplies Co., $5,500. terms 1/10, n/30 7 Paid UPS $258 cash for delivery of the inventory purchased on December 6. 7 Jake deposited an additional $8,500 cash in the business. 8 Returned damaged inventory to Key Supplies Co., $500 8 Received $2,500 cash, an advance payment for locksmith services. 9 Unlocked a safe for a customer and received $1,000 cash. 9 Bought a new computer (equipment) from Office Depot on account, $1,857. 10 Sold 2 safes and received cash, 2,200. Cost of Merchandise Sold was $800. 11 Purchased 5 safes to restock inventory on account from Brinks Co, $4,573 terms, 2/5, n/45. 12 Customer returned one of the safes purchased on December 10, refunded the customer $1,000 cash. Cost of Merchandise Sold was $475. 13 Paid Verizon for wireless telephone services, $394, check # 6290. 14 Paid Key Supplies Co for the purchase on December 6, less return and discount, check # 6291. 14 Received cash on account, $1,500, From Nathan Dean. Dean did not pay his November invoice #590 within the credit terms 2/10. The discount was forfeited. 15 Recorded cash sales for the store from the 1st to the 15th, $14,351. Cost of Merchandise Sold was $4,783. 16 Received $1,825 from Hastings on account 17 Paid Office Depot on account, $500, check # 6292. 18 Performed locksmith services on account for Larry Contractor, $700. 19 Paid electricity bill for December, check # 6293, $1,792. 19 Paid for Domino's pizza delivery for the December office party, check #6294, $175 20 Jake withdrew $8,350 for a vacation. 25 Paid the water bill for December, check #6295, $120. 25 Paid Brinks Co. on account, $2,500, check # 6296. 26 Paid part time employees their salary, $2,550. 27 Received cash on account from Larry Contractor, $700. 30 Recorded cash sales for the store from the 16th to the 30th, $8,735. Cost of Merchandise Sold was $2,784. The adjustment data for December is as follows: a b. C d. Office supplies on hand on December 31 are $1,338. A physical count of inventory showed an ending inventory cost of $44,500. Recorded depreciation on equipment for the month, $4,200. Insurance expired during December is $300. Earned $2,457 worth of the unearned service revenue. Sales refunds estimated for the year $10,000 Cost of estimated retums for the year $2,000 e f. g JW's Lock & Key Chart of Accounts Liabilities 201 Accounts Payable 203 Refunds Payable 205 Unearned Service Revenue Assets 101 Cash 105 Accounts Receivable 110 Inventory 112 Estimated Returns Inventory 115 Office Supplies 117 Prepaid Insurance 120 Equipment 121 Accum. Depreciation - Equipment Owner's Equity 301 Jake Walters, Capital 311 Jake Walters, Withdrawal Revenues 401 Service Revenue 405 Sales Revenue 410 Sales Discounts Forfeited Expenses 501 Cost of Merchandise Sold 502 Advertising Expense 505 Depreciation Expense 507 Insurance Expense 508 Office Supplies Expense 509 Salary Expense 511 Rent Expense 512 Telephone Expense 513 Utilities Expense 525 Miscellaneous Expense Other Misc. 999 Income Summary 105 ACCOUNT NO BALANCE DEBIT CREDIT DEBIT CREDIT 33 34 ACCOUNT Accounts Receivable 35 2020 ITEM POST 36 DATE REF 37 Nov 30 Bal. T 38 Dec 3 39 Dec 4 10 Dec 14 4,108 2,200 6,308 10,008 3,700 1,500 8,508 11 Dec 16 1,825 6,683 18 700 7,383 12 Dec 13 Dec 27 700 6,683 14 110 ACCOUNT NO BALANCE DEBIT CREDIT POST REF DEBIT CREDIT IT 46,525 1,250 45,275 45 46 47 48 49 ACCOUNT Inventory 50 2020 ITEM 51 DATE 52 Nov 30 Bal. 53 63 Dec 4 54 Dec 6 55 Dec 7 56 Dec 8 57 Dec 10 58 Dec 11 59 Dec 12 50 Dec 14 5,500 50.775 258 51.033 500 50,533 800 49.733 4,573 54,306 475 54,781 501 54,731 51 Dec 15 4,783 49,948 52 Dec 30 2,784 47,164 53 ACCOUNT NO 112 54 55 56 57 58 ACCOUNT Estimated Returns Inventory 59 2020 ITEM POST 70 DATE REF 71 Nov 30 Bal. T 22 Dec 12 73 74 BALANCE DEBIT CREDIT DEBIT CREDIT 700 475 225 75 -76 76 77 78 79 30 31 ACCOUNT Office Supplies ACCOUNT NO 115 E F G H ACCOUNT NO | 115 D 31 ACCOUNT Office Supplies 32 2020 ITEM 33 DATE 3 34 Nov 30 Bal DEBIT CREDIT BALANCE POST REF DEBIT CREDIT 1.235 35 36 37 38 ACCOUNT 39 2020 30 DATE Prepaid Insurance 117 ACCOUNT NO BALANCE ITEM DEBIT CREDIT POST REF DEBIT CREDIT 300 1,967 2.267 91 Nov 30 Bal. 22 Dec 2 3 4 ACCOUNT Equipment 35 2020 ITEM 36 DATE 120 ACCOUNT NO BALANCE DEBIT CREDIT POST REF DEBIT CREDIT 30 Bal IT 265,000 37 Nov 28 Dec 9 9 1,857 266.857 39 00 01 02 ACCOUNT 03 2020 04 DATE Accumulated Depreciation - Equipment 121 ACCOUNT NO BALANCE ITEM DEBIT POST REF CREDIT DEBIT CREDIT 30 Bal. 115,500 05 Nov 06 07 08 09 ACCOUNT Accounts Payable 10 2020 ITEM POST 11 DATE REF 12 Nov 30 Bal T 13 Dec 6 ACCOUNT NO 201 BALANCE DEBIT CREDIT DEBIT CREDIT 3.433 5,500 8,933 14 Dec 8 500 8,433 1857 10,290 4573 14,863 5000 9,863 500 9,363 2,500 6,863 15 Dec 9 16 Dec 11 17 Dec 14 18 Dec 17 19 Dec 25 20 21 22 23 ACCOUNT Refunds Payable 2020 24 ITEM POST 25 DATE REF 26 Nov. 30 Bal V ACCOUNT NO 203 DEBIT CREDIT BALANCE DEBIT CREDIT 5001 27 Dec 12 Bal 1,000 500 28 29 ACCOUNT NO 205 DEBIT BALANCE CREDIT DEBIT CREDIT 34 ACCOUNT Unearned Service Revenue 2020 35 ITEM POST DATE 36 REF 37 Nov 30 Bal V 38 Dec 8 39 10 41 500 2.500 3.000 Jake Walters, Capital ACCOUNT NO 301 12 ACCOUNT 2020 13 14 DATE ITEM DEBIT BALANCE CREDIT POST REF DEBIT CREDIT 45 Nov 30 Bal 262,643 16 Dec 7 8,500 271,143 ACCOUNT NO 311 DEBIT BALANCE CREDIT DEBIT CREDIT 17 48 49 50 ACCOUNT Jake Walters, Withdrawal 2020 51 ITEM POST 52 DATE REF 63 Nov 30 Bal. V 54 Dec 20 55 56 57 58 ACCOUNT Service Revenue 59 2020 ITEM POST 50 DATE REF 51 Nov. 30 Bal. 52 Dec 3 112,000 120,350 8,350 ACCOUNT NO 401 DEBIT BALANCE CREDIT DEBIT CREDIT 167,050 169,250 2,200 1.000 63 Dec 9 170,250 54 Dec 18 700 170,950 55 56 57 Sales Revenue ACCOUNT NO 405 ACCOUNT 2020 58 ITEM DEBIT CREDIT BALANCE POST REF 59 DATE DEBIT CREDIT 70 Nov 30 Bal 312,900 71 Dec 4 3,700 316,600 72 Dec 10 2,200 318,800 14.351 333,151 8.735 341,886 73 Dec 15 74 Dec 30 75 76 77 ACCOUNT Sales Discounts Forfeited 78 2020 ITEM POST 79 DATE REF 30 Nov. 30 Bal. 31 32 ACCOUNT NO BALANCE DEBIT 410 DEBIT CREDIT CREDIT 2,450 G B 4 ACCOUNT Cost of Merchandise Sold 5 2020 ITEM POST 6 DATE REF 7 Nov. 30 Bal. ACCOUNT NO BALANCE DEBIT 501 DEBIT CREDIT 145,687 CREDIT 8 Dec 4 1.250 146,937 9 Dec 10 800 147,737 15 4.783 152.520 0 Dec 11 Dec 2 30 2.784 155,304 ACCOUNT NO BALANCE DEBIT 502 DEBIT CREDIT 9.250 CREDIT 4 ACCOUNT Advertising Expense 2020 POST ITEM 6 DATE REF 7 Nov. 30 Bal V 8 9 ACCOUNT Depreciation Expense 0 2020 ITEM POST 1 DATE REF 2 Nov. 30 Bal 3 ACCOUNT Insurance Expense 5 2020 POST ITEM 6 DATE REF 7 Nov. 30 Bal DEBIT 505 ACCOUNT NO BALANCE DEBIT 38,500 CREDIT CREDIT DEBIT ACCOUNT NO BALANCE DEBIT 507 CREDIT 3,500 CREDIT 8 9 ACCOUNT Office Supplies Expense 0 20xx ITEM POST 1 DATE REF 30 Bal. V ACCOUNT NO BALANCE DEBIT 508 DEBIT CREDIT 2 Nov. 3.280 CREDIT 620 3,900 3 Dec 5 Bal 4 5 ACCOUNT Salary Expense 6 2020 ITEM 7 DATE 8 Nov. 30 Bal. POST REF ACCOUNT NO BALANCE DEBIT DEBIT 509 CREDIT 37.500 CREDIT 2,550 40.050 9 Dec 26 0 1 ACCOUNT Rent Expense 2 2020 ITEM 3 DATE 4 Nov 30 Bal. ACCOUNT NO BALANCE DEBIT POST REF DEBIT 511 CREDIT V 27,500 CREDIT 5 Dec 1 2,175 29.675 6 7 ACCOUNT Telephone Expense 8 2020 ITEM POST 9 DATE REF 0 Nov. 30 Bal. DEBIT ACCOUNT NO BALANCE DEBIT 512 CREDIT 4,770 CREDIT 13 394 5,164 1 Dec 2 513 ACCOUNT Utilities Expense 2020 ITEM POST DATE REF Nov. 30 Bal. N DEBIT ACCOUNT NO BALANCE DEBIT 6.725 CREDIT CREDIT Dec 19 1,792 8,517 Dec 25 120 8,637 ACCOUNT Miscellaneous Expense 2020 ITEM POST DATE REF Nov. 30 Bal. V DEBIT ACCOUNT NO BALANCE DEBIT 525 CREDIT 3,465 CREDIT Dec 19 175 3,640 ACCOUNT 2020 DATE Income Summary POST ITEM REF ACCOUNT NO BALANCE DEBIT 999 DEBIT CREDIT CREDIT JW's Lock & Key Work Sheet Account Adjustments Debit Credit Income Statement Debit Credit 2,664 200 103 300 4.200 Balance Sheet Debit Credit 168,891 7,383 44,500 425 1,338 1,967 266,857 119,700 7,363 10,500 543 271,143 120,350 10.000 2,457 Unadj. Trial Balance Debit Credit 168,891 6,683 47,164 225 1,235 2,267 266,857 115,500 6,863 500 3,000 271,143 120.350 170,950 341,886 2.450 155,304 9,250 38,500 3,500 3,900 40,050 29,675 5,164 8,637 3,640 911,792 911,792 Cash Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Equipment Accum. Depreciation - Equip. Accounts Payable Refunds Payable Unearned Service Revenue Jake Walters, Capital Jake Walters, Withdrawal Service Revenue Sales Revenue Sales Discounts Forfeited Cost of Merchandise Sold Advertising Expense Depreciation Expense Insurance Expense Office Supplies Expense Salary Expense Rent Expense Telephone Expense Utilities Expense Miscellaneous Expense TOTALS NET INCOME (LOSS) Adj. Trial Balance Debit Credit 168,891 7,383 44,500 425 1,338 1,967 266,857 119,700 7,363 10,500 543 271.143 120,350 173,407 342,086 12,450 157,968 9,250 42,700 3.800 3,797 40,050 29,675 5,164 8,637 3,640 926,892 926,692 2,457 200 10,000 173,407 342,086 12,457 2,664 4,200 300 103 157,968 9,250 42,700 3,800 3,797 40,050 29,675 5,164 8,637 3,640 304,681 223,269 527,950 19,924 19,924 527,950 622,211 398,749 223,462 622,211 527,950 622,211 Scroll down for Statement of Owner's Equity JW's Lock & Key Income Statement Month Ended Dec 31, 2020 JW's Lock & Key Balance Sheet 31-Dec-20 Revenues 515493 $ $ 7,363 10,500 543 Expenses Advertising Expense Depreciation Expense Insurance Expense Office Supplies Expense Salary Expense Rent Expense Telephone Expense Utilities Expense Miscellaneous Expense Total Expenses Assets Cash Accounts Receivable Inventory Office Supplies Prepaid Insurance Estimated Returns Inventory Equipment Accumulated Depreciation-Egiupment 9,250 42.700 3,800 3,797 40,050 29,675 5,164 8,637 3,640 146,713 $ Liabilities 168,891 Accounts Payable 7,383 Refunds Payable 44,500 Unearned Service Revenue 1,338 1,967 425 266,857 119,700 Total Assets 611,061 Total Liabilities 18,406 Jake Walters, Capital 631,573 Net Income 368.780 JW's Lock & Key Statement of Owner's Equity Month Ended December 31, 2020 $ Jake Walters, Capital December 1, 2020 Owner Contribution December 20, 2020 Net Income for the Month Owner Withdrawl December 20, 2020 Jake Walters, Capital December 31, 2020 262,643 8,500 368,780 (8,350) 631,573 $ JW's Lock & Key Post-Closing Trial Balance Account Debit Credit Cash 168,891 7,383 44,500 425 1,338 Accounts Receivable Inventory Estimated Retums Inventory Office Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Refunds Payable Unearned Service Revenue Jake Walters, Capital Totals 1,967 266,857 119,700 7,363 10,500 543 631,573 649,979 611,061 JW's Lock & Key is owned and operated by Jake Walters and is located in Odessa, TX. Jake is a locksmith and provides locksmith services and has a store that sells everything from keys to safes. You have just been hired as the accountant as of December 1, 2020. Required 1. The general ledger contains the current balances for all accounts as of November 30, 2020. The subsidiary ledgers for A/R and A/P also contain the current balances as of November 30, 2020. Review the information in these accounts before beginning the project. Do NOT delete these balances. You need them. 2. Journalize the December transactions in the general journal. Descriptions are not required. Be sure that the account names used are the same as on the Chart of Accounts tab and the customer or vendor name are included in AR & AP transactions (ex: A/P - Brinks Co.). Also, be sure to indent credit entries and note the account numbers in the Post Reference column. 3. Post daily to the Accounts Receivable Subsidiary Ledger and the Accounts Payable Subsidiary Ledger. Place a checkmark in the Post Reference column of the General Ledger next to the GL account number; i.e. 2017. The checkmark denotes that you have posted to the Subsidiary Ledger account. On December 31, post to the General Ledger. 4. Prepare an Unadjusted Trial Balance, using the worksheet. Complete the worksheet using the following adjustment information for December: Office supplies on hand on December 31 are $1,338. A physical count of inventory showed an ending inventory cost of $44,500. Recorded depreciation on equipment for the month, $4,200. Insurance expired during December is $300. Earned $2,457 worth of the unearned service revenue. Sales refunds estimated for the year $10,000 Cost of estimated returns for the year $2,000 5. Journalize and post the ADJUSTING entries in the GJ, Ledger and subsidiary ledgers. 6. Journalize and post the CLOSING entries in the GJ, Ledger and subsidiary ledgers. 7. Prepare JW's Lock & Key's financial statements for the year ended December 31, 2020. The breakouts on the Chart of Accounts may help categorizing and making sure all accounts are used on the financial statements. Additionally, please ensure to use the proper formatting indentation, underlines, $ signs, etc.) Note: Jake Walter's Capital at December 1, 2020 was $262,643. 8. Prepare a Post-Closing Trial Balance. Check Figures: Unadjusted Trial Balance: 911,822 Cash Account Balance: 168,891 Net Income (Loss): 205,092 9. Be sure that all entries, the worksheet, financial statements and the post-closing trial balance have been dated. Instructions Transactions Chart of Accounts G] Ledger AR sub AP sub WS Fin Statements Post-Closing TB + JW's Lock & Key had the follow ing transactions in December. Dec. 1 Paid December's rent, check #6287, $2,175. 2 Paid annual premiums on property and casualty insurance policies, check # 6288, $1,967. 3 Performed locksmith services on new house, sent invoice # 601 to the homeowner, Sam Mason, $2,200. 4 Issued Invoice #602 to Hastings who purchased a new safe on account, $3,700. Cost of Merchandise Sold was $1,250 5 Purchased office supplies, check # 6289, $620. 6 Purchased inventory from Key Supplies Co., $5,500. terms 1/10, n/30 7 Paid UPS $258 cash for delivery of the inventory purchased on December 6. 7 Jake deposited an additional $8,500 cash in the business. 8 Returned damaged inventory to Key Supplies Co., $500 8 Received $2,500 cash, an advance payment for locksmith services. 9 Unlocked a safe for a customer and received $1,000 cash. 9 Bought a new computer (equipment) from Office Depot on account, $1,857. 10 Sold 2 safes and received cash, 2,200. Cost of Merchandise Sold was $800. 11 Purchased 5 safes to restock inventory on account from Brinks Co, $4,573 terms, 2/5, n/45. 12 Customer returned one of the safes purchased on December 10, refunded the customer $1,000 cash. Cost of Merchandise Sold was $475. 13 Paid Verizon for wireless telephone services, $394, check # 6290. 14 Paid Key Supplies Co for the purchase on December 6, less return and discount, check # 6291. 14 Received cash on account, $1,500, From Nathan Dean. Dean did not pay his November invoice #590 within the credit terms 2/10. The discount was forfeited. 15 Recorded cash sales for the store from the 1st to the 15th, $14,351. Cost of Merchandise Sold was $4,783. 16 Received $1,825 from Hastings on account 17 Paid Office Depot on account, $500, check # 6292. 18 Performed locksmith services on account for Larry Contractor, $700. 19 Paid electricity bill for December, check # 6293, $1,792. 19 Paid for Domino's pizza delivery for the December office party, check #6294, $175 20 Jake withdrew $8,350 for a vacation. 25 Paid the water bill for December, check #6295, $120. 25 Paid Brinks Co. on account, $2,500, check # 6296. 26 Paid part time employees their salary, $2,550. 27 Received cash on account from Larry Contractor, $700. 30 Recorded cash sales for the store from the 16th to the 30th, $8,735. Cost of Merchandise Sold was $2,784. The adjustment data for December is as follows: a b. C d. Office supplies on hand on December 31 are $1,338. A physical count of inventory showed an ending inventory cost of $44,500. Recorded depreciation on equipment for the month, $4,200. Insurance expired during December is $300. Earned $2,457 worth of the unearned service revenue. Sales refunds estimated for the year $10,000 Cost of estimated retums for the year $2,000 e f. g JW's Lock & Key Chart of Accounts Liabilities 201 Accounts Payable 203 Refunds Payable 205 Unearned Service Revenue Assets 101 Cash 105 Accounts Receivable 110 Inventory 112 Estimated Returns Inventory 115 Office Supplies 117 Prepaid Insurance 120 Equipment 121 Accum. Depreciation - Equipment Owner's Equity 301 Jake Walters, Capital 311 Jake Walters, Withdrawal Revenues 401 Service Revenue 405 Sales Revenue 410 Sales Discounts Forfeited Expenses 501 Cost of Merchandise Sold 502 Advertising Expense 505 Depreciation Expense 507 Insurance Expense 508 Office Supplies Expense 509 Salary Expense 511 Rent Expense 512 Telephone Expense 513 Utilities Expense 525 Miscellaneous Expense Other Misc. 999 Income Summary 105 ACCOUNT NO BALANCE DEBIT CREDIT DEBIT CREDIT 33 34 ACCOUNT Accounts Receivable 35 2020 ITEM POST 36 DATE REF 37 Nov 30 Bal. T 38 Dec 3 39 Dec 4 10 Dec 14 4,108 2,200 6,308 10,008 3,700 1,500 8,508 11 Dec 16 1,825 6,683 18 700 7,383 12 Dec 13 Dec 27 700 6,683 14 110 ACCOUNT NO BALANCE DEBIT CREDIT POST REF DEBIT CREDIT IT 46,525 1,250 45,275 45 46 47 48 49 ACCOUNT Inventory 50 2020 ITEM 51 DATE 52 Nov 30 Bal. 53 63 Dec 4 54 Dec 6 55 Dec 7 56 Dec 8 57 Dec 10 58 Dec 11 59 Dec 12 50 Dec 14 5,500 50.775 258 51.033 500 50,533 800 49.733 4,573 54,306 475 54,781 501 54,731 51 Dec 15 4,783 49,948 52 Dec 30 2,784 47,164 53 ACCOUNT NO 112 54 55 56 57 58 ACCOUNT Estimated Returns Inventory 59 2020 ITEM POST 70 DATE REF 71 Nov 30 Bal. T 22 Dec 12 73 74 BALANCE DEBIT CREDIT DEBIT CREDIT 700 475 225 75 -76 76 77 78 79 30 31 ACCOUNT Office Supplies ACCOUNT NO 115 E F G H ACCOUNT NO | 115 D 31 ACCOUNT Office Supplies 32 2020 ITEM 33 DATE 3 34 Nov 30 Bal DEBIT CREDIT BALANCE POST REF DEBIT CREDIT 1.235 35 36 37 38 ACCOUNT 39 2020 30 DATE Prepaid Insurance 117 ACCOUNT NO BALANCE ITEM DEBIT CREDIT POST REF DEBIT CREDIT 300 1,967 2.267 91 Nov 30 Bal. 22 Dec 2 3 4 ACCOUNT Equipment 35 2020 ITEM 36 DATE 120 ACCOUNT NO BALANCE DEBIT CREDIT POST REF DEBIT CREDIT 30 Bal IT 265,000 37 Nov 28 Dec 9 9 1,857 266.857 39 00 01 02 ACCOUNT 03 2020 04 DATE Accumulated Depreciation - Equipment 121 ACCOUNT NO BALANCE ITEM DEBIT POST REF CREDIT DEBIT CREDIT 30 Bal. 115,500 05 Nov 06 07 08 09 ACCOUNT Accounts Payable 10 2020 ITEM POST 11 DATE REF 12 Nov 30 Bal T 13 Dec 6 ACCOUNT NO 201 BALANCE DEBIT CREDIT DEBIT CREDIT 3.433 5,500 8,933 14 Dec 8 500 8,433 1857 10,290 4573 14,863 5000 9,863 500 9,363 2,500 6,863 15 Dec 9 16 Dec 11 17 Dec 14 18 Dec 17 19 Dec 25 20 21 22 23 ACCOUNT Refunds Payable 2020 24 ITEM POST 25 DATE REF 26 Nov. 30 Bal V ACCOUNT NO 203 DEBIT CREDIT BALANCE DEBIT CREDIT 5001 27 Dec 12 Bal 1,000 500 28 29 ACCOUNT NO 205 DEBIT BALANCE CREDIT DEBIT CREDIT 34 ACCOUNT Unearned Service Revenue 2020 35 ITEM POST DATE 36 REF 37 Nov 30 Bal V 38 Dec 8 39 10 41 500 2.500 3.000 Jake Walters, Capital ACCOUNT NO 301 12 ACCOUNT 2020 13 14 DATE ITEM DEBIT BALANCE CREDIT POST REF DEBIT CREDIT 45 Nov 30 Bal 262,643 16 Dec 7 8,500 271,143 ACCOUNT NO 311 DEBIT BALANCE CREDIT DEBIT CREDIT 17 48 49 50 ACCOUNT Jake Walters, Withdrawal 2020 51 ITEM POST 52 DATE REF 63 Nov 30 Bal. V 54 Dec 20 55 56 57 58 ACCOUNT Service Revenue 59 2020 ITEM POST 50 DATE REF 51 Nov. 30 Bal. 52 Dec 3 112,000 120,350 8,350 ACCOUNT NO 401 DEBIT BALANCE CREDIT DEBIT CREDIT 167,050 169,250 2,200 1.000 63 Dec 9 170,250 54 Dec 18 700 170,950 55 56 57 Sales Revenue ACCOUNT NO 405 ACCOUNT 2020 58 ITEM DEBIT CREDIT BALANCE POST REF 59 DATE DEBIT CREDIT 70 Nov 30 Bal 312,900 71 Dec 4 3,700 316,600 72 Dec 10 2,200 318,800 14.351 333,151 8.735 341,886 73 Dec 15 74 Dec 30 75 76 77 ACCOUNT Sales Discounts Forfeited 78 2020 ITEM POST 79 DATE REF 30 Nov. 30 Bal. 31 32 ACCOUNT NO BALANCE DEBIT 410 DEBIT CREDIT CREDIT 2,450 G B 4 ACCOUNT Cost of Merchandise Sold 5 2020 ITEM POST 6 DATE REF 7 Nov. 30 Bal. ACCOUNT NO BALANCE DEBIT 501 DEBIT CREDIT 145,687 CREDIT 8 Dec 4 1.250 146,937 9 Dec 10 800 147,737 15 4.783 152.520 0 Dec 11 Dec 2 30 2.784 155,304 ACCOUNT NO BALANCE DEBIT 502 DEBIT CREDIT 9.250 CREDIT 4 ACCOUNT Advertising Expense 2020 POST ITEM 6 DATE REF 7 Nov. 30 Bal V 8 9 ACCOUNT Depreciation Expense 0 2020 ITEM POST 1 DATE REF 2 Nov. 30 Bal 3 ACCOUNT Insurance Expense 5 2020 POST ITEM 6 DATE REF 7 Nov. 30 Bal DEBIT 505 ACCOUNT NO BALANCE DEBIT 38,500 CREDIT CREDIT DEBIT ACCOUNT NO BALANCE DEBIT 507 CREDIT 3,500 CREDIT 8 9 ACCOUNT Office Supplies Expense 0 20xx ITEM POST 1 DATE REF 30 Bal. V ACCOUNT NO BALANCE DEBIT 508 DEBIT CREDIT 2 Nov. 3.280 CREDIT 620 3,900 3 Dec 5 Bal 4 5 ACCOUNT Salary Expense 6 2020 ITEM 7 DATE 8 Nov. 30 Bal. POST REF ACCOUNT NO BALANCE DEBIT DEBIT 509 CREDIT 37.500 CREDIT 2,550 40.050 9 Dec 26 0 1 ACCOUNT Rent Expense 2 2020 ITEM 3 DATE 4 Nov 30 Bal. ACCOUNT NO BALANCE DEBIT POST REF DEBIT 511 CREDIT V 27,500 CREDIT 5 Dec 1 2,175 29.675 6 7 ACCOUNT Telephone Expense 8 2020 ITEM POST 9 DATE REF 0 Nov. 30 Bal. DEBIT ACCOUNT NO BALANCE DEBIT 512 CREDIT 4,770 CREDIT 13 394 5,164 1 Dec 2 513 ACCOUNT Utilities Expense 2020 ITEM POST DATE REF Nov. 30 Bal. N DEBIT ACCOUNT NO BALANCE DEBIT 6.725 CREDIT CREDIT Dec 19 1,792 8,517 Dec 25 120 8,637 ACCOUNT Miscellaneous Expense 2020 ITEM POST DATE REF Nov. 30 Bal. V DEBIT ACCOUNT NO BALANCE DEBIT 525 CREDIT 3,465 CREDIT Dec 19 175 3,640 ACCOUNT 2020 DATE Income Summary POST ITEM REF ACCOUNT NO BALANCE DEBIT 999 DEBIT CREDIT CREDIT JW's Lock & Key Work Sheet Account Adjustments Debit Credit Income Statement Debit Credit 2,664 200 103 300 4.200 Balance Sheet Debit Credit 168,891 7,383 44,500 425 1,338 1,967 266,857 119,700 7,363 10,500 543 271,143 120,350 10.000 2,457 Unadj. Trial Balance Debit Credit 168,891 6,683 47,164 225 1,235 2,267 266,857 115,500 6,863 500 3,000 271,143 120.350 170,950 341,886 2.450 155,304 9,250 38,500 3,500 3,900 40,050 29,675 5,164 8,637 3,640 911,792 911,792 Cash Accounts Receivable Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Equipment Accum. Depreciation - Equip. Accounts Payable Refunds Payable Unearned Service Revenue Jake Walters, Capital Jake Walters, Withdrawal Service Revenue Sales Revenue Sales Discounts Forfeited Cost of Merchandise Sold Advertising Expense Depreciation Expense Insurance Expense Office Supplies Expense Salary Expense Rent Expense Telephone Expense Utilities Expense Miscellaneous Expense TOTALS NET INCOME (LOSS) Adj. Trial Balance Debit Credit 168,891 7,383 44,500 425 1,338 1,967 266,857 119,700 7,363 10,500 543 271.143 120,350 173,407 342,086 12,450 157,968 9,250 42,700 3.800 3,797 40,050 29,675 5,164 8,637 3,640 926,892 926,692 2,457 200 10,000 173,407 342,086 12,457 2,664 4,200 300 103 157,968 9,250 42,700 3,800 3,797 40,050 29,675 5,164 8,637 3,640 304,681 223,269 527,950 19,924 19,924 527,950 622,211 398,749 223,462 622,211 527,950 622,211 Scroll down for Statement of Owner's Equity JW's Lock & Key Income Statement Month Ended Dec 31, 2020 JW's Lock & Key Balance Sheet 31-Dec-20 Revenues 515493 $ $ 7,363 10,500 543 Expenses Advertising Expense Depreciation Expense Insurance Expense Office Supplies Expense Salary Expense Rent Expense Telephone Expense Utilities Expense Miscellaneous Expense Total Expenses Assets Cash Accounts Receivable Inventory Office Supplies Prepaid Insurance Estimated Returns Inventory Equipment Accumulated Depreciation-Egiupment 9,250 42.700 3,800 3,797 40,050 29,675 5,164 8,637 3,640 146,713 $ Liabilities 168,891 Accounts Payable 7,383 Refunds Payable 44,500 Unearned Service Revenue 1,338 1,967 425 266,857 119,700 Total Assets 611,061 Total Liabilities 18,406 Jake Walters, Capital 631,573 Net Income 368.780 JW's Lock & Key Statement of Owner's Equity Month Ended December 31, 2020 $ Jake Walters, Capital December 1, 2020 Owner Contribution December 20, 2020 Net Income for the Month Owner Withdrawl December 20, 2020 Jake Walters, Capital December 31, 2020 262,643 8,500 368,780 (8,350) 631,573 $ JW's Lock & Key Post-Closing Trial Balance Account Debit Credit Cash 168,891 7,383 44,500 425 1,338 Accounts Receivable Inventory Estimated Retums Inventory Office Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Refunds Payable Unearned Service Revenue Jake Walters, Capital Totals 1,967 266,857 119,700 7,363 10,500 543 631,573 649,979 611,061